Nigeria records average fuel price of N95.18 in September

Despite efforts by the Nigerian National Petroleum Corporation (NNPC) to ensure regular supply of fuel and at affordable price, the commodity was sold at N124.63, according to available data from the National Bureau of Statistics (NBS).

Average fuel price across the country has remained significantly higher than than the regulated price of N87 per litre.

NBS disclosed in a report entitled ‘Premium Motor Spirit (Petrol) Price Watch’ that the country recorded an average of N95.18 as against the stipulated pump price of N87.

According to NBS, Taraba State recorded the highest price of N124.63, followed by Yobe, N119.78; Rivers, N102.80 and Plateau, N92.50.

Expectedly, the Department of Petroleum Resources (DPR), recently cautioned oil marketers against buying or selling petroleum products above government regulated prices.

According to the statement, the warning stemmed from the persistent sharp practices in the petroleum products supply chain with regards to the official pump price of products. “Dealers in petroleum prod­ucts who are either sellers or buyers are hereby warned against buying or selling above the government regulated prices. Unlicensed third party buyers that op­erate outside of the Petroleum Products Marketing Company, Depots and Petroleum Pricing Marketers Association of Nigeria (DAPPMA) and Major Oil Marketers Association of Nigeria (MOMAN) are hereby warned to desist or face the wrath of the law,” it said.